The tax bites only on cash and similar instruments
To provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70604, Sec. 70604.
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The tax bites only on cash and similar instruments
The document says “shall”Who acts: Secretary of the TreasuryHow: statuteSec. 70604 in the PDF
What the document says
“The tax imposed under subsection (a) shall apply only to any remittance transfer for which the sender provides cash, a money order, a cashier's check, or any other similar physical instrument (as determined by the Secretary) to the remittance transfer provider.”
The section limits the tax to transfers where the sender hands the provider cash, a money order, a cashier's check or another similar physical instrument as the Secretary determines.
What the document actually says
“The tax imposed under subsection (a) shall apply only to any remittance transfer for which the sender provides cash, a money order, a cashier's check, or any other similar physical instrument (as determined by the Secretary) to the remittance transfer provider.”
That sentence, in plain words
The tax reaches only some transfers. The sender must hand over cash or a money order. A cashier's check counts too.
What this is about
Any similar paper item may count. The Secretary decides which. Other ways of paying fall outside the tax.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Provide for reconciliation pursuant to title II of H. Con. Res. 14, Public Law 119-21, sec. 70604, 139 Stat. 285 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ21/html/PLAW-119publ21.htm
This page
“The tax bites only on cash and similar instruments,” Provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70604, Sec. 70604. Read the Mandate, https://readthemandate.org/pl-119-21/proposal/sec70604-cash-only/ (retrieved August 26, 2026).
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